WATCH: College Students Say They Have $200,000 in Tuition Debt
I recently teamed up with Yrefy to talk to college students about the tuition debt crisis in America.
Students majoring in biochemistry, chemical engineering, marketing, project management, and dozens of other areas of study are expecting to have “over $100,000 [in student loan debt], easily,” once they graduate. Others have spent thousands upon thousands of dollars in student loans and have no clear vision as to how or when they will begin to budget in repayments with their current adjustable and fluctuating interest rates.
Many college students are saddled with excessive debt before they even graduate with a bachelor’s degree. In fact, roughly 43 million Americans currently have outstanding student debt—equating to 13% of the U.S. population.
I interviewed dozens of students at Arizona State University and asked how much debt they felt they would accumulate after completing their degree in their desired field.
The consensus? “A couple hundred thousand.”
One male student said that he would owe “over a hundred [thousand dollars] easily,” once he graduates because he is currently paying out-of-state- tuition, which is notoriously high.
“Two-fifty,” another student told me.
When I asked what strategies students were currently implementing to avoid accumulating more debt, one student said, “I don’t even know.”
“I have no idea,” another added.
Many ambitious 18-year-olds agree to borrow from predatory lenders who profit off of inexperience by imposing high and fluctuating interest rates. This leaves many graduates holding the bag when they begin their career earning an entry-level salary, despite the pricey degree, and realize that loan repayments make up a large portion of their overall income.
If you took out and defaulted on student loan payments with an unpredictable yet high-interest rate, it’s imperative to explore resources that may help you conquer your debt and balance your budget.
Refinancing through Yrefy allows borrowers who have defaulted on their student loan payments to refinance their tuition debt at a lower interest rate. This student debt solution will help borrowers customize payments, decrease total costs, and receive a fixed interest—making budgeting for the future feasible for graduates.
Yrefy takes into account a borrower’s current financial situation, rather than determining a rate solely based on credit history.
This unbeatable resource not only empowers borrowers but also prospective investors who are interested in a non-correlated investment that provides a high, fixed return.
Refinancing can ease the financial strain on borrowers and is an innovative way to navigate the student debt crisis, without burdening Americans who never attended college. See how Yrefy can help you take control of your debt today.
